This directory contains replication materials for the results presented in Section 2.1 and Appendix A related to exchange trading fees.

There are two directories. 

The first directory, "Table - Average Trading Fee," contains materials for Table 2.1 which provides an estimate for average trading fees computed from exchange financial filings. The directory contains an excel spreadsheet that computes average trading fees by exchange family. The spreadsheet uses numbers from primary source documents, which can be found in the directory as well as in the "Table - Exchange Fee Schedules" directory, as a starting point to estimate average trading fees. See Appendix A.1 and the spreadsheet for more details on the methodology.

The second directory, "Table - Exchange Fee Schedules," contains materials used for Tables A.1 and A.2 in the Appendix. The directory contains fee schedules from exchange websites retrieved from the Internet Archive. We highlight numbers in each PDF that are used in the tables. See Appendix A.2 for more details.
